Klaviyo, which provides a software platform that automates digital marketing campaigns, raised the proposed deal size for its upcoming IPO on Monday.
The Boston, MA-based company now plans to raise $538 million by offering 19.2 million shares (40% secondary) at a price range of $27 to $29. The company had previously filed to offer the same number of shares at a range of $25 to $27. Cornerstone investors have indicated on $100 million worth of shares in the offering (19% of the deal). At the midpoint of the revised range, Klaviyo will raise 8% more in proceeds than previously anticipated.
Klaviyo's SaaS platform combines proprietary data and application layers into one vertically-integrated solution with machine learning and artificial intelligence capabilities. This is believed to enable business users of any skill level to harness their data in order to send the right message at the right time across email, SMS, and push notifications, more accurately measure and predict performance, and deploy the specific actions and campaigns that drive the highest impact. The company has focused on marketing automation within retail and ecommerce as its first application use case, and believes its software is extensible across a broad range of functions and verticals. As of June 30, 2023, its platform had scaled to over 130,000 customers.
Klaviyo was founded in 2012 and booked $585 million in revenue for the 12 months ended June 30, 2023. It plans to list on the NYSE under the symbol KVYO. Goldman Sachs, Morgan Stanley, Citi, Barclays, Mizuho Securities, William Blair, Piper Sandler, and Truist Securities are the joint bookrunners on the deal. It is expected to price during the week of September 18, 2023.
